303 - Did You Know You Can Talk To Me?

0:00This is podcast number 303. That is almost six years and one of the things that has absolutely become a habit of habit. is doing this every week. So in 303 podcasts, I never missed getting this podcast out once a week. Came close once, about three o 'clock on a Monday, which is when I used to publish them all. I said, oh, haven't done it, but I ended up getting that out. So the title for this podcast is Did You Know You Can Talk To Me? And I wanted to talk about that, is that I get a lot of emails from people asking me, can you analyze this deal? Can you help me with this situation? It's usually a long email.

0:47And I don't respond to a lot of those. Why don't I respond to a lot of those? Is that I don't think it's fair to answer and provide the services that I provide to people who pay me to people who don't pay me. Now, will I oftentimes give a quick answer or tell them where to go or which course might answer that question, which almost always is the case, yes. But if you're wondering, you know, how can you talk to me, there's a few ways. If you're in group coaching, obviously you already know that. If you're in the VIP Mastermind, you know that. There are some spots in the VIP Mastermind. But there's also once a month where I do a monthly live Q &A, and that is open only to people who have the Acquisition Advantage Boot Camp.

1:43That monthly call will be July 31st, just a few days from now, at 6 p.m. East Coast time, Eastern time. So there's time If you do not already have that boot camp, go ahead and do it. And we spend an hour. We go through a Q &A on that. It's live, as I said. And so there's a lot of opportunity there once a month to be able to ask the questions that might be holding you back. And one of the things I want to give you an example of is a mentee who was in group coaching. And he said to me, you know, what you're saying about the banks isn't right. I can't get a single bank to do a deal with me without me putting money in.

2:30And I said, well, tell me what you're saying. And he said, well, I'm saying exactly what you told me to say, at which point I asked him, what is that? And he said, well, you know, I go through, are they lending in my industry, and what multiple of EBITDA are they lending at, and where are they with respect to how much they'll lend. And then I explain what our program is and that typically we're not going to buy 100%, 60-40, ownership, 51-49, whatever it is. And that some banks have indicated that the equity, assuming that the seller either takes equity in a 60-40 deal, if they keep 40 % of the equity, that's your equity right there.

3:12or a vendor note sometimes or a seller note can be counted as that as well, as long as the bank's in the first position. So I said to him, okay, so how do you say that? And he went through that explanation, and then he said, you know, that some banks have indicated that the seller note, seller equity, vendor note, vendor equity, depending upon if you're in the States or in Europe, different seller or vendor, and what's your bank's philosophy? on taking that seller note or seller equity. And so he said, when he said it, he didn't say that. He said, some banks have indicated that the seller note or seller equity can be part of our equity.

3:58One word, part. Well, what's that mean? That there's another part. And the other part is they usually ask you to put it in. So I said, don't do that. Next time you talk to a bank, which would be the following week, then just go back to some banks have indicated that they will take that seller note or seller equity as our equity. That's obviously helpful for us. So what's your bank's philosophy on that? And he came back and said, oh wow, I did that and not a single bank asked me to put the money in, said if the deal was right and it met their criteria and due diligence and all those things that are normal, yes, we would take that as your equity.

4:42So just that one word, eliminating part. So think about that. If you're knocking your head against the wall and you have the ability to talk with me or interact with me in that way, either through group VIP or the monthly call, you're going to find that there are, just because of the amount of time that I've been doing this, there are some things I've learned, some things I've learned through mentees, that will help you, and that's a great example of it. So again, if you're interested in that, certainly go over, grab the Acquisition Advantage Boot Camp if you don't have it, and you can attend that this Wednesday at 6 p.m.

5:24I was also asked a lot of times which industry, and typically people gravitate towards health care, but there's plenty of other industries, and so I did create a course which is on my website brucewhipple.com, how to select an industry very inexpensively priced, and it's got a decision matrix at the end so that you can go through and put in five industries and have an organized way to evaluate them with 21 questions now. Keep adding to the questions. and you rank those questions. You have a force multiplier on each one of those on how important it is, and at the end it gives you some indication in an objective way of which one might be best for you.

6:14Still, you need to know whether you've got passion for it, et cetera. So take a look at those things. Remember, there are ways that you can talk to me. If you're looking for conversation starters, just go over to brucewhipple.com. You'll see the free course on conversation starters. That will also put you on the email list, so you get the three emails each week, which would be helpful to you, I think. If you want to go get that directly, just go over to brucewhipple.com forward slash free course. But there are ways to talk to me. Most of the things that hold people back are fear-based. So if for some reason you're afraid to talk to me, just decide, hey, I'm going to take a shot.

7:01I'm going to join the boot camp. I'm going to ask those questions. Same on group, same on VIP. And you're going to find that that process isn't as bad as maybe you thought it would be in terms of talking to me. and if it helps you get to the goal line more quickly that's the goal ultimately so good luck this week put those things into action and if you're in either the group or vip or the boot camp i look forward to talking to you this week